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KARACHI: The State Bank of Pakistan (SBP) has signed a memorandum of understanding (MoU) on bilateral central banking cooperation with the Central Bank of the Russian Federation (CBRF), a press release said on Monday.

SBP Governor Tariq Bajwa visited the CBRF headquarters in Moscow on Jan 15. This was the first-ever visit of an SBP governor to the CBRF, it said. Mr Bajwa and CBRF Governor Elvira Nabi­u­llina signed the document.

The MoU aims at promoting cooperation between the two authorities primarily in disciplines of financial systems development, payment systems, financial infrastructure and financial institutions supervision.